"9·24"一揽子金融政策落地已有一年，券商财富管理业务从规模驱动转向价值驱动，步入高质量发展新阶 段。 近日，中金公司管理委员会成员、中金财富总裁王建力接受了证券时报·券商中国记者专访。他认为，当下财 富管理的价值重心将从"产品配置"延伸至"账户视角的顾问服务"，应该引导客户站在全账户视角进行财富管 理。当前，财富管理正迈向3.0时代，即"做规划"的时代。在他看来，这也将是一个探索和追求"以终为始、目 标导向+全账户视角"解决方案的新阶段。 在这场专访中，王建力还从中金财富的实践出发，分享了对投资者需求变化、行业发展趋势的洞察。他表示， 未来投资者的风险偏好会继续分化，不同类型投资者对服务的深度、精度需求也将不同，同时，全球化资产配 置的重要性将不断凸显。 投资者对海外产品的抢购热有所退潮 王建力对记者谈到，自去年"9·24"以来，无论是开户还是产品配置，明显可见居民投资热情重启，并且呈现出 一些与过往不同的特点，包括客户对ETF的认知和参与度均快速攀升；选择买方投顾类服务的意愿增强；客户 需求分化，如部分客户风险偏好抬升，权益类资产配置量较"9·24"行情前大增，且更青睐量化等产品。 "另外，和此前不同， ...

姜学红致辞时表示，从未来的财富配置趋势来看，中国居民的资产配置有望逐渐向金融资产倾斜， 其中权益类资产将更受欢迎。同时，居民对专业财富管理机构提供的买方投顾服务的依赖也将日益增 强。作为财富管理转型的先行者，平安证券自2016年起便推出了"财富赢家"财富管理专属服务品牌，目 前已初步建立了"千亿保有、百万持有人、万只产品"的一站式资产配置平台。近年来，平安证券加快推 进财富管理能力建设，不断优化和完善针对不同客户群体的分层投顾服务体系，践行"有温度的证券平 台服务商"定位。 据了解，平安证券在2023年底推出"平安30"买方财富管理服务体系，根据客户需求为客户量身定制 一整套资产配置解决方案，包括平安30股票、平安30投顾、平安30公募、平安30私募以及企业综合服务 等，致力于为投资者带来省心、省时又省钱的投资体验。 "平安30"陪伴投资者共同迈入财富管理3.0时代 据刘高庞介绍，平安30是平安证券在强调"以客户为中心"的财富管理3.0时代下推出的综合服务体 系。 近日，平安证券在深圳举办了"立当下·赢未来"2025年度投资策略报告会暨平安30财富管理品牌发 布一周年仪式，平安证券副总经理姜学红出席活动并做开 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the closing price of 43.26 on March 27, 2025 [1][9]. Core Insights - The company reported a slight decline in operating revenue of 0.48% year-on-year, totaling 337.49 billion yuan, while net profit increased by 1.22% to 148.39 billion yuan. The return on equity (ROE) was 14.49%, down by 1.73 percentage points [4][9]. - The company is expected to benefit from economic recovery, with projected operating revenues for 2025-2027 of 342.30 billion, 356.58 billion, and 372.33 billion yuan, respectively [9]. Summary by Sections Financial Performance - For the fourth quarter of 2024, the company achieved operating revenue of 84.78 billion yuan and net profit of 35.21 billion yuan, reflecting year-on-year increases of 7.53% and 7.63%, respectively [4]. - The total loan amount reached 6.89 trillion yuan, up 5.83% year-on-year, with a focus on optimizing the loan structure [5]. - Total deposits amounted to 9.10 trillion yuan, marking an increase of 11.54% year-on-year, with a notable shift towards fixed-term deposits [5]. Income and Profitability - Net interest income for the reporting period was 211.28 billion yuan, a decrease of 1.58% year-on-year, but the decline was narrowing [6]. - Non-interest income rose by 1.41% to 126.21 billion yuan, supported by investment income and fair value changes [6]. Asset Quality - The company's non-performing loan (NPL) ratio stood at 0.95%, with a provision coverage ratio of 411.98%, indicating stable asset quality [7]. - New NPL generation was 66.70 billion yuan, with a focus on monitoring retail loan quality [7]. Capital Adequacy - The core Tier 1 capital adequacy ratio was 14.86%, reflecting a year-on-year increase of 1.13 percentage points, indicating strong internal capital replenishment capabilities [8]. - The company proposed a cash dividend of 2 yuan per share, with a dividend payout ratio of 35.32% [8].